This is what GTA buyers need to know about financing a home before they start looking for homes.
Get your finances in order (WELL) ahead of time
You’d be surprised how complicated your finances truly are, even for someone having just one job and one paycheck. Add a second person, and the complications multiply. Treat getting a loan like doing your taxes. You need to have your fingers on all your outgoing and incoming accounts, including your retirement, investment, and bank account information. You should, of course, already have your fingers on that information, but many of us don’t keep track. You may not need all that information just to apply for a loan, but you will need it to qualify for a loan once you decide which lender to use.
You have a choice of loans…shop for rates
One big mistake that first-time homebuyers often make is going directly to a mortgage app for a quote and not shopping around. Or they accept the first offer they receive. Lend ...

The news is in from the Bank of Canada!
Rates are to be unchanged this month and will continue at 5% for the overnight lending rate.  This is good news for buyers as homeowners as this is the 4th straight month rates have remained steady.
In even better news, indicators are, rates will drop in the not too distant future.  Whilst this will be welcome relief to honwowners, it may cause many buyers who have been waiting for a sign to decide to make a move soon before others take advantage of current market conditions.

With a reduction in inventory and sales ticking up the Sales To New Listings Ratio in the GTA properties market is improving significantly over Oct and Nov levels.

The good news for renters as we finished off 2023 is that rental availability and rental rates improved.  Mainly due to an increase in availability, possibly caused by short term rental units hitting the long term rental market pool. 

GTA condo investors remain on the sidelines as affordability and cash flow currently don't make sense.  This is great new for first time GTA home buyers willing to be brave, as rates lower this year, investors will return.